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The document ceased to be valid since August 23, 2019 according to Item 1 of the Order of the Government of the Kyrgyz Republic of July 31, 2019 No. 384


of January 26, 2016 No. 33

About approval of the Concept of market development of securities in the Kyrgyz Republic for the period till 2018

For the purpose of market development of securities in the Kyrgyz Republic and program implementation of activities of the Government of the Kyrgyz Republic approved by the resolution of Jogorku Kenesh of the Kyrgyz Republic of November 5, 2015 No. 10-VI according to articles 10 and 17 of the constitutional Law of the Kyrgyz Republic "About the Government of the Kyrgyz Republic" the Government of the Kyrgyz Republic decides:

1. Approve the Concept of market development of securities in the Kyrgyz Republic for the period till 2018 according to appendix.

2. To public service of regulation and supervision of the financial market under the Government of the Kyrgyz Republic to develop and approve the Actions plan on implementation of the Concept of market development of securities in the Kyrgyz Republic for the period till 2018 in a month.

3. This resolution becomes effective after ten days from the date of official publication.

4. To impose control of execution of this resolution on department of finance and credit policy of Government office of the Kyrgyz Republic.

Prime Minister

T. Sariyev


Approved by the Order of the Government of the Kyrgyz Republic of January 26, 2016 No. 33

The concept of market development of securities in the Kyrgyz Republic for the period till 2018

1. Main directions of this Concept

The capital market in the Kyrgyz Republic has essential prerequisites for investment attraction. In the country the bank system is provided by 24 banks and hundreds of financial credit institutes, more microcredit and microfinance companies.

The capital market in the republic is provided mainly by share capital. The number of active joint-stock companies constitutes more than 600. The amounts of transactions on purchase and sale of shares are incomparable to turnover of money of the money market.

The ratio of number of banks significantly affects market free resources towards lowering in case of attraction of money supply as deposits. The microcredit companies and branches of banks designate availability of great demand for financing in case of high interest rates on the credits.

One of the main directions of this Concept is reducing interest rates for the capital market by active interaction of owners of temporarily free resources and the companies of issuers.

Implementation of this Concept assumes increase in protection of the rights of owners (holders) in securities, and also strengthening of prudential supervision during the forming and dividend payout.

Now, according to various data, in national economy of 40% of the capital of the companies is in shadow which increase the capital as a result of economic activity.

Implementation of patent system, and also the simplified company registration do not allow to count total amount of the capital objectively. The possibility of company registration with the authorized capital in 100 and 100000 som does not allow to augment the capital. There is need of entering of corresponding changes and amendments into regulatory legal acts of the Kyrgyz Republic, regarding determination of procedure and conditions of company registration and reflections of results of economic activity in the balance sheet. Availability of such indicators can become basic information for assessment of activities of the companies for investment.

In the Kyrgyz Republic all necessary conditions for entry into the market of securities shall be created as it is possible bigger number of issuers - not only the large companies, but also the commercial organizations relating to medium business. It is necessary to stimulate development of financial institutions and types of activity (professional participants of the security market) connected with rendering the professional help to issuers on conclusion of securities to the public market of the capitals (the IPO, underwriting, etc.).

It is necessary to develop the domestic security market according to the rules and standards accepted in developed countries. Further market development of securities is possible taking into account international experience, using foreign practice, adapting it for national peculiarities.

The security market with maximum efficiency using international standards for the solution of tasks of national development shall be created.

2. The overview and assessment of the current situation in the security market in the Kyrgyz Republic


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